CBI Files Charges in Assam Ponzi Scam, 18 Accused in Five Cases

The Central Bureau of Investigation (CBI) has intensified its crackdown on the massive Ponzi schemes operating in Assam with the filing of five new chargesheets in separate cases, bringing the total number of charge sheets to nine.

These new chargesheets target 18 accused individuals and two organizations involved in large-scale financial fraud, all under the ambit of the Assam Government's referral to the CBI for investigation into unregulated deposit scams.

Among the charge sheets filed, one targets three individuals, including private persons and the company Upepithets Holdings Pvt. Ltd (UHPL).

These individuals – Hemen Rava, the Director; Sankar Saha, the Manager; and UHPL itself – were implicated in running a fraudulent investment scheme. The accused were found to have lured investors by promising high returns, falsely ensuring them monthly returns of over 6%. They allegedly used deceptive practices, including notarized loan agreements, to misappropriate the funds for personal gain. The case, which was re-registered by the CBI on 22 October 2024, traces a complex financial web, ultimately resulting in a loss for unsuspecting investors.

Another chargesheet was filed against five accused, including members of the Brahmaputra Sanchay & Biniyog Cooperative Society Ltd (BSBCSL).

The accused – Jiten Deka, Chairman; Indrani Das, Branch Manager; and others – were involved in promoting and operating the Grihalakshmi deposit scheme. This scheme promised returns as high as 15% annually and misled the public into investing their hard-earned money. CBI's investigation uncovered that the accused used false promises and agent commissions to lure people into the fraudulent scheme, which eventually led to widespread financial loss for the investors.

The CBI also filed a charge sheet against four individuals – Mainao Brahma, Dipankar Bhatta, Jyotisman Sarma, and Sumit Barman – for running a similar unregulated deposit scheme in the Baksa district of Assam. The accused were found to have conspired to defraud the general public by diverting deposits into their personal bank accounts and using the misappropriated funds to purchase properties and vehicles.

All the accused are currently in judicial custody.

In yet another case, the CBI filed charges against Rishiraj Gogoi and Joy Modak, who were running a stock trading scam through their company Go Millions LLP. This company promised high returns on investments in cosmetics and other products, but investigations revealed that the accused did not invest the funds in any regulated schemes. Instead, they misappropriated the money, violating guidelines set by SEBI and RBI. Both accused are also in judicial custody.

The final charge sheet targets four individuals – Sankar Kumar Biswas, Rofiqul Islam, Dinesh Ch. Ray, and Niranjan Kumar Malakar – who were found to have conspired to collect deposits for investment in a non-existent scheme under the name Titan Capital Market. Instead of investing the money in a legitimate business, the accused absconded with the funds, leaving investors empty-handed.

The CBI’s relentless investigation has successfully traced critical databases revealing the identities of defrauded investors. These revelations are pivotal in exposing the true scale of these fraudulent schemes, which have devastated numerous individuals in Assam.

With ongoing investigations, the CBI remains determined to bring justice to the victims of these unregulated deposit schemes, ensuring that the perpetrators are held accountable for their actions. The agency’s commitment to dismantling these criminal operations is clear, with further developments expected in the coming days.

This series of chargesheets serves as a stark reminder of the importance of financial transparency and regulation, urging the public to remain cautious and skeptical of investment schemes that promise extraordinary returns without any clear business model.